In a Bitcoin Disaster where would you move your Money? - page 6.

chixka000

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Quote from: deisik on January 22, 2017, 03:49:21 AM

Quote from: RealBitcoin on January 21, 2017, 07:40:08 PM

I am curious that in the hypothetical scenario of Bitcoin splitting into 2 (which is less and less hypothetical), or other big disasters (51% attack, quantum hackers,etc), where would you move your money? Bitcoin is currently the reserve currency, and it's safe to store in it some money, but if some disaster happens, then it will no longer be safe, so I am curious where people would go, what would be the alternative to BTC?

There are of course some of the top 10 coins, which would qualify in my view:

Fiat Currency: Which is like cashing out of the crypto world, not really an alternative to BTC
The majority chain: the split of BTC that would have the most nodes, miners, merchants and users behind it
ETH: Which has the closest market cap to BTC, and the most users after BTC
Ripple: Which has banking integration and a somewhat stable price
LTC: Which is the closest to BTC in terms of code similarity
Monero: Which is has privacy implemented in it
Dash: Which is has low fees, privacy and a democratic consensus mechanism

So which one is it for you?

By the same name ("disaster") you put together events some of which can hardly be called that. For example, if Bitcoin gets forked, it may actually turn out beneficial in the long run. Wasn't Litecoin essentially a Bitcoin fork back then? On the other hand, it will all depend upon how much other coins may be affected. If they all should get affected, you'd better cash out into fiat, of course...

And short Bitcoin to earn some money along the way

The other funny thing is that well in my own opinion those certain alt coin except for fiat that has been stated will be having the disaster and die first before it goes to bitcoin's disaster lol

genos

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Quote from: audaciousbeing on January 22, 2017, 03:24:18 AM

If there is enough time to move my coins I am definitely moving to FIAT because aside from bitcoin which is the only crpto currency I trust, there is nothing else I can do coupled with the fact that other crypto currencies depends on bitcoin which means when bitcoin is going down then other crypto will be affected as well,. Which means I am left with no option than to convert to Fiat which is what I have to fall back to.

Yeah it is very good reason. The price of alternative coin is depending with price of bitcoin. So escape your money into alternative coin Will only be bad for you. On the contrary if we put money in dollars or Fiat. Then our money will be safe because Bitcoin will not have any impact on the dollar and fiat

20kevin20

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Not only that I don't trust altcoins except Monero, but I also know that their prices depend on Bitcoin too. If it falls, they fall. There's no other choice. So I would personally go back to fiat, which would then be the "safest" one when it comes to the stability of the price. But a Bitcoin destruction would cause like an 'earthquake' for all the currencies anyways ..

deisik

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Quote from: RealBitcoin on January 21, 2017, 07:40:08 PM

I am curious that in the hypothetical scenario of Bitcoin splitting into 2 (which is less and less hypothetical), or other big disasters (51% attack, quantum hackers,etc), where would you move your money? Bitcoin is currently the reserve currency, and it's safe to store in it some money, but if some disaster happens, then it will no longer be safe, so I am curious where people would go, what would be the alternative to BTC?

There are of course some of the top 10 coins, which would qualify in my view:

Fiat Currency: Which is like cashing out of the crypto world, not really an alternative to BTC
The majority chain: the split of BTC that would have the most nodes, miners, merchants and users behind it
ETH: Which has the closest market cap to BTC, and the most users after BTC
Ripple: Which has banking integration and a somewhat stable price
LTC: Which is the closest to BTC in terms of code similarity
Monero: Which is has privacy implemented in it
Dash: Which is has low fees, privacy and a democratic consensus mechanism

So which one is it for you?

By the same name ("disaster") you put together events some of which can hardly be called that. For example, if Bitcoin gets forked, it may actually turn out beneficial in the long run. Wasn't Litecoin essentially a Bitcoin fork back then? On the other hand, it will all depend upon how much other coins may be affected. If they all should get affected, you'd better cash out into fiat, of course...

And short Bitcoin to earn some money along the way

abel1337

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If a bitcoin disaster happen And I am needed to transfer my money. I will convert my bitcoin into local currency . If banning of bitcoin is the disaster, surely I cant convert my money into local currency. I will just trade my bitcoin into paypal/Payeer and transfer it yo my bank account.

megynacuna

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I wouldn't entertain any disasters when it comes to my finances so I will treat Bitcoin as a commodity and not a currency in this scenario and will not hesitate to sell them all out for fiat-(possibly the US dollar)as it has proved to be stable and widely used for a long time.

Rahar02

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Quote from: RealBitcoin on January 21, 2017, 07:40:08 PM

I am curious that in the hypothetical scenario of Bitcoin splitting into 2 (which is less and less hypothetical), or other big disasters (51% attack, quantum hackers,etc), where would you move your money? Bitcoin is currently the reserve currency, and it's safe to store in it some money, but if some disaster happens, then it will no longer be safe, so I am curious where people would go, what would be the alternative to BTC?

There are of course some of the top 10 coins, which would qualify in my view:

Fiat Currency: Which is like cashing out of the crypto world, not really an alternative to BTC
The majority chain: the split of BTC that would have the most nodes, miners, merchants and users behind it
ETH: Which has the closest market cap to BTC, and the most users after BTC
Ripple: Which has banking integration and a somewhat stable price
LTC: Which is the closest to BTC in terms of code similarity
Monero: Which is has privacy implemented in it
Dash: Which is has low fees, privacy and a democratic consensus mechanism

So which one is it for you?

I will withdraw and convert it into fiat as the official payment that we use in daily transaction.
Other coins may not get my trust as bitcoin is the best cryptocurrency, if it fail, what will others become?
I may consider about another majority chain, but only some parts of my funds obviously.

Pursuer

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it depends on what the disaster is, maybe it looks like a disaster but in reality it is mostly good and new change. in any case I need to examine the situation and see if I can choose a majority chain if it seems suitable to me, or the other chain or give up and go back to fiat. but like some others said, I wouldn't consider your list of altcoins as something worthy of my investment for long term.

n0ne

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If such a scenario happens a panic will be experienced among the users. Sure they'll tend to sell their bitcoin for less price. I'll make use of the opportunity and will buy as much possible, because I trust in bitcoin that it grows even after fall or technical problems.

chixka000

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I guess i wont worry too much anymore lol because in the current situation only small percentage of my amounts are being stored and i usually cash it out for my personal needs so if ever this called hypocrite thing happens i would not lose too much at all

audaciousbeing

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If there is enough time to move my coins I am definitely moving to FIAT because aside from bitcoin which is the only crpto currency I trust, there is nothing else I can do coupled with the fact that other crypto currencies depends on bitcoin which means when bitcoin is going down then other crypto will be affected as well,. Which means I am left with no option than to convert to Fiat which is what I have to fall back to.

RealBitcoin

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Quote from: Herbert2020 on January 22, 2017, 03:05:28 AM

why does everyone thinks if bitcoin fails, disaster or whatever, people are going to look for a substitute?!!
well they may look for an alternative but won't substitute it with the existing altcoins. they are all bad. and if bitcoin fails all of them are doomed.
there was actually a good, long topic about it around here talking about what will you do if bitcoin fails. and it is similar argument, most people dust themselves up and move on with their lives. back to fiat.

Well that is a fucking shame.

Fuck them. Fuck them all who cash out.

They are supposedly here, to reform the financial system and to create a decentralized currency. But then they will just crawl back into their fiat dungeons like some rats?

Fuck them really. Bunch of virtue signalling losers, who would flee like rats from a sinking ship.

These people are not reliable and can't have goals in their lives, to make the world a better place. Everyone is just virtue signalling here.

Herbert2020

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why does everyone thinks if bitcoin fails, disaster or whatever, people are going to look for a substitute?!!
well they may look for an alternative but won't substitute it with the existing altcoins. they are all bad. and if bitcoin fails all of them are doomed.
there was actually a good, long topic about it around here talking about what will you do if bitcoin fails. and it is similar argument, most people dust themselves up and move on with their lives. back to fiat.

Amph

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If bitcoin will be around with a new fork i'll keep the coin, otherwise moving them in the best altcoin would be a wise idea, i will not dump any coins in any case, for fiat ever

crypto is the future that is certain, also moving them in fiat will expose you to a huge tax to pay, but i'm confident that they cn always solve any bug or exploit with an hard fork, no need to worry about this

Harlot

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If there is a Bitcoin disaster, before it would happen I will convert it to Fiat. Good thing is that my Wallet is 2 in 1 which it also has a Fiat Wallet. I would convert my Bitcoin to my Fiat Wallet before the disaster happen and when the price has fallen down Ill convert it back again to Bitcoin in that way I have increased the quantity of my Bitcoin and will profit from it once it goes back up again. Of course it will take time but it is not risky at all.

Basimon

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Quote from: RealBitcoin on January 21, 2017, 07:40:08 PM

I am curious that in the hypothetical scenario of Bitcoin splitting into 2 (which is less and less hypothetical), or other big disasters (51% attack, quantum hackers,etc), where would you move your money? Bitcoin is currently the reserve currency, and it's safe to store in it some money, but if some disaster happens, then it will no longer be safe, so I am curious where people would go, what would be the alternative to BTC?

There are of course some of the top 10 coins, which would qualify in my view:

Fiat Currency: Which is like cashing out of the crypto world, not really an alternative to BTC
The majority chain: the split of BTC that would have the most nodes, miners, merchants and users behind it
ETH: Which has the closest market cap to BTC, and the most users after BTC
Ripple: Which has banking integration and a somewhat stable price
LTC: Which is the closest to BTC in terms of code similarity
Monero: Which is has privacy implemented in it
Dash: Which is has low fees, privacy and a democratic consensus mechanism

So which one is it for you?

I will choose Ripple, Dash instead. These digital currencies have supported by some big organizations and it was considered as legal digital currency with a low fees and faster transactions .

BigBos

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maybe I'll trade it in the form of fiat. Well, I prefer to trade on the move. Well, if bitcoin are problematic, then it probably will affect the altcoin, so move on altcoin guess is that it's useless. so, in anticipation of circumstances that could cause us to lose money, may exchange it in the form of fiat is the best decision.

frendsento

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In case of the worst scenario I will choose to be safe than sorry If there still have option to convert it to fiat then I will gonna convert my bitcoins to cash , Due to the incident I may not gonna invest on other altcoin because what happens to bitcoin may happen to them and I don't want to feel sorry for myself when that time comes

TastyChillySauce00

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Quote from: Gembul on January 22, 2017, 01:16:11 AM

Quote from: marcoman22 on January 22, 2017, 12:54:22 AM

I would immediately move my money to US dollars since i dont want to loose my hardly earned money. I would rather observe the upcoming situations so that the problem is solved or else, i will invest my money in Monero and Dash since i dont want to put all the eggs in the same basket.

Of course I will immediately sell all bitcoin and made in a currency of my country before bitcoin becomes worthless. Because I'm sure there will be signs such as news came out, and at that moment I would sell all bitcoin. Thank you

That makes sense and I'd honestly do that too in order to save my wealth when there's still a time but my main question is when the news about this thing (bitcoin disaster) come out or revealed, then, who's going to make a buy wall? I think that no people in this world want to buy something which is going to fall. When there's no buy wall or demands, probably our bitcoin will become worthless, but yeah let's back to the real life out of this imaginary talk.

Amadues

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I will choose this option: The majority chain: the split of BTC that would have the most nodes, miners, merchants and users behind it

But a situation like this could mean a literally disaster for the crypto environments so also the option of a fiat "return" could be a right one.
For sure I will follow another nerd hobby Cheesy

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